Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Carole Braudeau
  • Carole Braudeau

Credit Morning 11/29/2022

Launch of ALD's EUR 1.2bn capital increase Aroundtown will not call its hybrid notes 3.75% Perp. Call jan-23>...

Florent Laroche-Joubert
  • Florent Laroche-Joubert

ODDO BHF Small & MIDCAP MORNING NEWS - 11/29/2022

All of FCC’s relevant divisions are maintaining very strong performances, which we expect to last, financial leverage is contained, opportunities for growth are attractive and the company is well positioned to capture them. Still the stock is trading at a significant discount: we value the main divisions at an 11-32% implied discount to peers, we apply an average 60% discount to financial assets… and still get 58% upside potential to our valuation. The reason for this discount is, in ...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 29/11/2022

Lancement de l’augmentation de capital de 1.2 md EUR d’ALD Aroundtown ne callera pas son hybride 3.75% Perp. Call jan-23>...

Martin Marandon-Carlhian ... (+2)
  • Martin Marandon-Carlhian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/29/2022

The iconic franchise of the 1990s has not only restored positive sales momentum but is now well placed to maintain stronger earnings growth than the industry average over the long term. This outlook warrants an additional re-rating of the stock. We are initiating coverage at Outperform with a target price of HK$ 48.5, representing 12-month upside potential of 20% - ...

Geoffroy Michalet
  • Geoffroy Michalet

ALD Automotive : Capital increase launched for € 1.2bn (vs € 1.3bn ini...

>Parameters slightly adjusted, but the story remains the same - ALD is launching this morning its capital increase to finance a share of the LeasePlan deal. We note that compared to the amounts initially planned at the announcement, the valuations have been slightly lowered.For ALD, the benchmark price for the capital increase is € 11.0 (vs € 12.12 upon the announcement), while the theoretical valuation of LeasePlan, including warrants, has changed from € 5....

Tony Lebon
  • Tony Lebon

Oddo convertible news 01/06/2018

Minor International confirmed that it could buy HNA’s stake in NH HotelMarine Harvest issued a 2023 straight bond (floater), implying an attractive valuation for the outstanding 2020 CB in a first reading>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 01/06/2018

L’Italie se dotera aujourd’hui d’un nouveau gouvernement mettant ainsi fin à 3 mois d’incertitudes. Les activités de Deutsche Bank aux Etats-Unis auraient été classées parmi la liste des ‘banques à problèmes’ par les régulateurs américains.S&P a dégradé la note de contrepartie de Deutsche Bank de ‘A-‘ à ‘BBB+’ ; le RWN négatif est levé, la perspective stable et les notes des émissions ont été confirmées.>...

Philippe Lamaud
  • Philippe Lamaud

Deutsche Bank : At the end, will Deutsche win? Credit Opinion revised ...

Football fans all know Gary Lineker’s quote about football being “a simple game: 22 men chase a ball for 90 minutes and at the end, the Germans always win”. While the Word Cup is approaching and Germany is among the favourites, Deutsche Bank’s (DB) performance has been less impressive on the banking field than the ones of the Mannschaft on the pitches, and the outcome of DB’s strategic adjustments is far less certain than the one of a football game, as suggested by Gary Lineker....

Philippe Lamaud
  • Philippe Lamaud

Deutsche Bank : At the end, will Deutsche win? Credit Opinion revised ...

Football fans all know Gary Lineker’s quote about football being “a simple game: 22 men chase a ball for 90 minutes and at the end, the Germans always win”. While the Word Cup is approaching and Germany is among the favourites, Deutsche Bank’s (DB) performance has been less impressive on the banking field than the ones of the Mannschaft on the pitches, and the outcome of DB’s strategic adjustments is far less certain than the one of a football game, as suggested by Gary Lineker....

Carole Braudeau
  • Carole Braudeau

Credit Morning 05/31/2018

Maxeda has reported encouraging Q4 2017-18 results and outlookGalapagos has renegotiated the terms of its RCF.>...

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